Walgreens Delray Beach, Florida

$5,750,000
Cap Rate: 5.71%
Property type: Single-Tenant Net Lease

Property Details

Cap Rate: 5.71%
Price: $5,750,000
Rentable Square Feet: 13,778
Price PSF: $435.48
Annual Rent: $328,158
Rent PSF: $23.82
Land Area: 1.59 Acres
Year Built: 2001
Lease Type: NN
Lease Term: 20 Years
Option Periods: 8, 5-Year Options
Lease Expiration: 2/29/2021

10 South Congress Avenue
Delray Beach, FL 33445

Investment Highlights

  • Very Strong Store Sales
  • 20-Year, Double Net (NN) Lease with Approximately Three Years Remaining
  • Eight, Five-Year Renewal Options
  • Corporate Tenant | Corporate Guarantee
  • Located Directly off Interstate 95 Which has a Daily Traffic Count of Approximately 215,000 Vehicles
    Located at the Intersection of Congress Avenue, with a Daily Traffic Count of 35,000 Vehicles, and Atlantic Avenue, with 50,000 Vehicles
  • Surrounding Retailers Include Publix, Ross, Bed Bath & Beyond, Winn Dixie, Planet Fitness, Bealls, Advance Auto Parts, Office Depot, McDonald’s, Dunkin’ Donuts, Burger King and Many More
  • Delray Beach was Named ‘Most Fun Small Town in the United States’ by Rand McNally, USA Today and the Travel Channel
    Part of Palm Beach County, Which has a Population of More Than 1.4 Million People

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a Walgreens located in Delray Beach, Florida. Walgreens offers a 20-year double net (NN) lease with three years remaining and eight, five-year renewal options. The subject property consists of a 13,778-square foot free-standing building, situated on a 1.59-acre parcel.  Walgreen offers a corporate tenant with a corporate guarantee. Walgreens (NYSE: WBA) is the largest drugstore chain in the United States with over 8,000 locations and sales volume of approximately 117.35 billion.

Consumers can easily access Walgreens directly off Interstate 95 the areas main thoroughfare with a daily traffic count of more than 215,000 vehicles. The subject property is at the intersection of Congress Avenue (35,000 VPD) and Atlantic Avenue, (50,000 VPD).  Walgreens is strategically situated on a primary retail and commercial corridor with surrounding national retailers including Publix, Bed Bath & Beyond, Ross, Winn Dixie, Planet Fitness and many more.

Delray Beach is a diverse, vibrant community situated in southern Palm Beach County. Known worldwide as a first-class resort destination and intimate town with big city sophistication, Delray Beach is a gem of South Florida, directly on the Atlantic Ocean. The area boasts excellent demographics with a population of more than 1.4 Million people, and a median household income of $54,000. Delray Beach was named Most Fun Small Town in the United States by Rand McNally, USA Today and the Travel Channel. 

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